One of Goldman Sachs' most senior executives is leaving

Goldman Sachs Vice Chairman Michael Sherwood is leaving after 30 years at the firm, according to an internal memo seen by Business Insider.

Sherwood, who is also co-CEO of Goldman Sachs International, has decided to retire at the end of the year, according to the memo, which was signed by CEO Lloyd Blankfein and COO Gary Cohn.

Richard Gnodde will become the sole CEO of Goldman Sachs International.

Sherwood, who is based in London, played a "vital role" in developing the Goldman Sachs franchise throughout Europe, the memo said.

Also known as "Woody," he spent more than a decade in his role as co-CEO of Goldman Sachs International, taking it on in 2005. He has also taken responsibility for developing Goldman Sachs' position in growth markets.

"His expertise and knowledge across a range of markets, as well as his passion and commitment to our culture, have influenced a generation of professionals at Goldman Sachs," the memo said.

Sherwood became vice chairman of the firm in 2008. He is a member of the management committee and chaired the partnership committee — the all-important group at Goldman Sachs that decides on who makes the grade as a partner — for a time.